Daily analysis of GBP/USD for August 02, 2017

GBP/USD has been consolidating gains in the short-term and the 200 SMA is still providing dynamic support in the short-term. To the upside, we can find a resistance around 1.3257, where bulls could gather momentum in order to reach the resistance area of 1.3364. Overall, the bullish structure remains strong and is still the preferred scenario.

GBPUSDH1.png

H1 chart's resistance levels: 1.3257 / 1.3364

H1 chart's support levels: 1.3129 / 1.3058

Trading recommendations for today: Based on the H1 chart, buy (long) orders only if the GBP/USD pair breaks a bullish candlestick; the resistance level is at 1.3257, take profit is at 1.3364 and stop loss is at 1.3154.

The material has been provided by InstaForex Company - www.instaforex.com